14th May 2018 10:59
LONDON (Alliance News) - Recruiter Norman Broadbent PLC said on Monday its loss widened in 2017 as expenses rose during the year, despite revenue growth.
Norman Broadbent reported a pretax loss of GBP1.6 million, widened from GBP1.3 million in 2016, due to increased costs coming from restructuring expenses and a short term impact on fee earner number in the Executive Search division.
Despite this, the group reported revenue of GBP6.5 million, up from GBP5.7 million the year before, with growth in three of its segments, particularly Interim Management which balanced out the loss of revenue from Executive Search, Norman Broadbent's biggest division.
During the year the group undertook phase two of its turnaround programme, which included a relocation of office, the raising of GBP1.2 million in September, and the appointment of key executives.
In February, Tim Hammett was appointed head of the Executive Search division in February 2017, and Will Gerrand was made chief financial and chief operating officer in October.
For the first quarter of 2018, Norman Broadbent said that trading has been ahead of management expectations at the earnings and revenue level.
"The ongoing reinvention of Norman Broadbent group is progressing. Our broader, more integrated service proposition is landing well with clients, the business is increasingly competitive, and culturally we are more innovative and collegiate. In summary, the group is now more relevant and competitive in terms of pricing, proposition and people," said Chief Executive Mike Brennan.
"While significant progress has been made in terms of new services, hires and our premises move, collegiate working, there is still a way to go in completing this phase of our transformation," Brennan added.
Shares in Norman Broadbent were untraded on Monday, last quoted at 10.00 pence.
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